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Top management officials of the major office occupiers in each of the respective cities along with NRIs and HNIs are the typical target audience in the villa segment. Typical second home buyers looking at villas as holiday homes are also a potential target for this segment.
The Indian governments also needs to step in to cut down the financing costs for developers of affordable housing by reducing the risks associated with housing projects and making them more affordable - for example, by guaranteeing tenants or buyers of completed units.
Despite the increasing prices commercial properties in Mumbai continue to remain in the upswing mode. It is believed by the real estate companies and developers that over a period of time one can get returns as high as 15 to 20%, if invested in the commercial property in Mumbai.
According to the 12th 5-year plan (2012 – 2017), the housing shortage in India has reduced to 18.78 million. However, the data collection is questionable and government departments continue to argue on the exact figure.
Home buyers often select properties on the basis of location advantages such as availability of public transport, shopping and hospitals. In larger cities like Mumbai and Delhi NCR, plots in such locations are quickly snapped up by developers because they know that the location itself will sell their projects.
Pune is one city where the residential property market has maintained its momentum even in these challenging times. In fact, Pune has been one of the best-performing residential real estate markets in the recent past.
The deferment of premium and some other changes that are coming through will help in terms of making sure the value of these projects look healthier.
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